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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34236
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I am a 50% shareholder of a business and my husband has

Customer Question

Hi
I am a 50% shareholder of a business and my husband has other 50%.
We split last year my decision because of his behaviour and this has caused many arguments from him to me with his tempermant.
He has now told me last week I should not have 50% of the shareholding as he does double the hours I do, I have a daughter to look after and cant do those hours, our roles are completely different as he is front line and I am back off.
He now threatening me that he will quit the business and leave it in my name but will take the client base with him that finance the business and staff and leave me to bankrupt our business as he says in 6 months.
Where do I stand legally with this type of threat.
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
The business has a £3 million turnover and we also in discussion with 2 other companies to amalgamate in next year to make it a £12 million turnover in 5 years. There would be 2 other Directors whom would buy in to the company and Im now wondering if I should sell my 50% shares to them but for how much would be something I imagine I would need to find out by having the company valued? Company was valued last year at approx 12-1.6 Million when turnover was £2.5 Million.
Customer: replied 1 year ago.
Hi I wondered if you had any answer as yet to above sent yesterday.
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstSo you intend to start divorce proceedings?
Customer: replied 1 year ago.
Hi Clare
Yes they will come after we sell the house as taking one step at a time.
Audrey
Expert:  Clare replied 1 year ago.
When will the house be sold?
Customer: replied 1 year ago.
It is sold now and will be exchanged in next 3/4 weeks.
Expert:  Clare replied 1 year ago.
HiThe simple fact is that it does not matter whether the assets are in joint name or in his sole name you are entitled to 50% of the matrimonial assets so if he does do that it will not benefit him in any wayClearly the starting point will indeed be to get the company valued - and it may be that a sale is what you decide - but within the financial side of a divorce the threat he has made would be meaninglessI hope that this is of assistance - please ask if you need further details